Details of various ITR for Income Tax Return
ITR-1 OR SAHAJ
This Return Form is to be used by an individual whose total income for the assessment year 2016-17 includes:-
• Income from Salary/ Pension; or
• Income from One House Property (excluding cases where loss is brought forward from previous years); or
• Income from Other Sources (excluding Winning from Lottery and Income from Race Horses)
Who cannot use this Return Form?
This Return Form cannot be used by any resident having any asset (including financial interest in any entity) located outside India or signing authority in any account located outside India.
If you have foreign assets, you cannot use ITR-1.
If you have exempt income which is more than Rs. 5,000, you cannot use ITR-1.
ITR-2A
This tax return form is to be used by:
• Taxpayers who have salary income and own more than one house property and DO NOT have any capital gains.
• Those who have long-term capital gains from transactions on which Securities Transaction Tax is paid (which are exempt) from tax can still use this form.
• NRIs can file ITR-2A, if applicable; however residents who have a foreign asset or foreign income CANNOT file this form.
Who cannot use this Return Form?
This income tax return ITR -2A CANNOT be filed by those who have:
• Income from Capital Gains
• Income from Business or Profession
• Any claim of relief/deduction under section 90, 90A or 91
• Any resident having any asset (including financial interest in any entity) located outside India or signing authority in any account located outside India
• Any resident having income from any source outside India.
ITR-2
This Return Form is to be used by an individual or a Hindu Undivided Family whose total income for the assessment year 2016-17 includes:-
• Income from Salary/Pension; or
• Income from House Property; or
• Income from Capital Gains; or
• Income from Other Sources (including Winnings from Lottery and Income from Race Horses).
Further, in a case where the income of another person like one’s spouse, child, etc. is to be clubbed with the income of the assesses, this Return Form can be used where such income falls in any of the above categories.
Who cannot use this Return Form
This Return Form should not be used by an individual whose total income for the assessment year 2016-17 includes Income from Business or Profession or if you receive remuneration as a Partner in a Partnership Firm or LLP.
For declaring these types of Income, you may have to use ITR-3 or ITR-4 or ITR-4S.
ITR-3
This Return Form is to be used by an individual or an Hindu Undivided Family who is a partner in a Partnership Firm or LLP and where income chargeable to income-tax under the head “Profits or gains of business or profession” does not include any income except the income by way of any interest, salary, bonus, commission or remuneration, by whatever name called, due to, or received by him from such firm.
In case a partner in the firm does not have any income from the firm by way of interest, salary, etc. and has only exempt income by way of share in the profit of the firm, he shall use this form only and not Form ITR-2.
Who cannot use this Return Form?
This Return Form should not be used by an individual whose total income for the assessment year 2016-17 includes Income from Business or Profession under any proprietorship.
Income tax Return to be filed by individuals, HUF and small business taxpayers having:
• Presumptive Business Income
• Salary / Pension
• One house property
• Income from other sources.
This form cannot be used if, taxpayer
• Has more than one house property
• Speculative income
• Agriculture income more than Rs 5000
• Winning from lotteries/races
• Capital gains
• Losses to be carried forward
ITR-4
For individuals and HUFs having income from a property business or profession.
ITR-5
For firms, LLPs, AOPs (Association of persons) and BOIs (Body of Individuals)
ITR-6
For Companies other than companies claiming exemption under section 11 (Income from property held for charitable or religious purposes)
This return has to be filed electronically only.
ITR-7
For persons including companies required to furnish return under section 139(4A) or section 139(4B) or section 139(4C) or section 139(4D).
• Return under section 139(4A) is required to be filed by every person in receipt of income derived from property held under trust or other legal obligation wholly for charitable or religious purposes or in part only for such purposes.
• Return under section 139(4B) is required to be filed by a political party if the total income without giving effect to the provisions of section 139A exceeds the maximum amount which is not chargeable to income-tax.
• Return under section 139(4C) is required to be filed by every –
o scientific research association;
o news agency ;
o association or institution referred to in section 10(23A);
o institution referred to in section 10(23B);
o Fund or institution or university or other educational institution or any hospital or other medical institution.
• Return under section 139(4D) is required to be filed by every university, college or other institution, which is not required to furnish return of income or loss under any other provision of this section.